Mindoro Capital Partners LLC

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into a written
wealth management agreement with the Advisor

A. Fees for Advisory Services
Wealth Management Services
Wealth management fees are paid quarterly, in advance of each calendar quarter pursuant to the terms of the wealth
management agreement. Wealth management fees are based on the market value of assets under management at
the end of the prior quarter. Wealth management fees generally range from 0.45% to 1.00% annually based on
several factors, including: the scope and complexity of the services to be provided; the level of assets to be managed;
and the overall relationship with the Advisor. Relationships with multiple objectives, specific reporting requirements,
portfolio restrictions and other complexities may be charged a higher fee. As noted, in Item 4, Mindoro does not
charge a separate fee for financial planning. Clients may be charged an additional platform fee of up to .05%
annually for aggregation and reporting services.

The wealth management fee in the first quarter of service is prorated from the inception date of the account[s] to the
end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into
consideration the aggregate assets under management with the Advisor. Certain Clients may be offered a fixed fee
engagement and/or a performance-based fee arrangement. Clients offered a performance-based fee will have a lower
asset-based fee or no asset-based fee (Please see item 6 below). Securities held in accounts managed by Mindoro
will primarily be independently valued by the Custodian. Private investments are instead valued according to the
valuation policies of third-party unaffiliated managers responsible for the investments. The Advisor will conduct
periodic reviews of the valuations to ensure accurate billing.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and other
related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the Advisor
shall not receive any portion of these commissions, fees, and costs.

Mindoro may be required to oversee and manage illiquid private investments after a client terminates their advisory
relationship. Illiquid investments include but are not limited to pooled vehicles managing Private Equity, Venture
Capital, Real Estate and other types of Investments. Such investments continue to be subject to an advisory
agreement and fees after termination, pursuant to the terms of the investment advisory agreement. Additionally,
due to the nature of illiquid investments and the terms of the appliable operating agreements, Clients will continue
to be subject to advisory fees for any vehicle sponsored by Mindoro for the duration of the investment.

Use of Independent Managers
As noted in Item 4, the Advisor may implement all or a portion of a Client’s investment portfolio utilizing one or
more Independent Managers. To eliminate any conflict of interest, the Advisor does not earn any compensation
                                                   Mindoro Capital Partners LLC
                                        800 Boylston Street, PO Box 990146, Boston, MA 02116
                                            Phone: (617) 214-2313 | Fax: (617) 214-2317
                                                     Website: https://mindoro.com

from an Independent Manager. The Advisor will only earn its wealth management fee as described above.
Independent Managers typically do not offer any fee discounts but may have a breakpoint schedule which will
reduce the fee with an increased level of assets placed under management with an Independent Manager. The
Advisor will allocate a portion of the advisory fee collected to the Independent Manager pursuant to the terms of
the executed the Advisor and the Independent Manager. If the Client is required to authorize and enter into a
wealth management agreement with an Independent Manage then the terms of such fee arrangements are
included in the Independent Manager’s disclosure brochure and applicable contract[s] with the Independent
Manager. With respect to separately managed accounts, the total blended fee, including the Advisor’s fee and the
Independent Manager’s fee, will not exceed 3.00% annually.

B. Fee Billing
Wealth Management Services
Wealth management fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s] at
the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted
from the Client’s account[s] at the beginning of the] respective quarter. The amount due is calculated by applying the
quarterly rate (annual rate divided by 4) to the total assets under management with Mindoro at the end of the prior
quarter. Clients will be provided with a statement, generally monthly, from the Custodian reflecting deduction of the
wealth management fee. Clients are urged to also review the statement provided by the Custodian, as the Custodian
does not perform a verification of fees. Clients provide written authorization permitting advisory fees to be deducted by
Mindoro to be paid directly from their account[s] held by the Custodian as part of the wealth management agreement
and separate account forms provided by the Custodian.

Use of Independent Managers
For Client accounts implemented through an Independent Manager, the Client’s overall fees may include Mindoro’s
management fee (as noted above) plus management fees and/or platform fees charged by the Independent
Manager[s], as applicable. In certain instances, the Independent Manager or the Advisor may assume responsibility
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Item 7 – Types of Clients

Mindoro provides sophisticated, highly customized, financial advice to a select group of high-net-worth individuals,
families, trusts, estates, businesses, and charitable foundations. Our Clients generally have investable assets
ranging between $25 million to over $1 billion. Mindoro typically advises on a Client’s complete asset base. The
Advisor, in its sole discretion, may accept relationships with a lower asset base.